ALPS Alerian Energy Infrastructure ETF (ENFR)

Comparing metrics for the two of the more popular dividend strategies - the SPDR S&P Dividend ETF (SDY+0.4%) and the Vanguard Dividend Appreciation ETF (VIG+0.7%) - against the two largest large-cap value ETFs - the Russell 1000 Value ETF (IWD+0.9%) and Vanguard's Value ETF (VTV+0.7%) - Larry Swedroe finds valuations quite stretched for the dividend players.

The popularity of dividends has led to a pleasing rise in the values of the stocks, but has thus reduced expected future returns, reminds Swedroe. And for taxable accounts, it's even worse as dividends are less tax-efficient than capital gains.

The Alerian Energy Infrastructure ETF (NYSE: ENFR) delivers exposure to the Alerian Energy Infrastructure Index (NYSE: AMEI), a composite of 30 core North American energy infrastructure companies that engage in the transportation, storage, and processing of energy commodities. Index constituents belong to one of five categories US MLP affiliates (30%), energy infrastructure MLPs (25%), Canadian energy infrastructure companies (20%), US energy infrastructure companies (15%), and Canadian MLP affiliates (10%).
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